Thousands of people waving Union Flags lined the streets of London to toast
the athletes behind the country's unprecedented summer of sporting success.

Twenty-one floats carried members of the Olympic and Paralympic teams from St. Paul's Cathedral to Buckingham Palace, where the Royal Air Force's Red Arrows aerobatic team left a trail of red, white and blue smoke over The Mall.

"Unbelievable, to think that everyone's come out for all of us," said Zara Phillips, who won a silver medal in equestrian. "This is like the whole games though ... the crowd were unbelievable and we are so grateful to them."

London staged two trouble-free Games that defied initial anxiety about security and inclement weather to provide a lift for the recession-hit nation. Britain's summer in the international spotlight began in May with festivities to mark the Queen's Diamond Jubilee.

"What a golden summer it has been for our country," Prime Minister David Cameron said. "I think it has given us a tremendous lift, I think it has brought the country together."

Cameron said there is also a lesson to draw from the Olympics, as countries across Europe struggle to deal with huge debts and sharp austerity programs.

"I think there is something else that we can take from this extraordinary period," he said outside Downing Street. "And that is for countries to succeed in this competitive and difficult world you need to have confidence that you can do big things and get them right.

"You need to have confidence that you can take on the best and beat the best, and I think the Olympic and Paralympics – we've absolutely done that as a country."

At the Olympics, Britain finished third in the medal standings with 29 golds, 17 silvers and 19 bronzes to surpass its 2008 performance. The Paralympic team also finished third, with 120 medals, missing its target of coming second.

A rousing concert featuring Coldplay, Rihanna and Jay-Z signalled the end of the London's sporting summer on Sunday night.

There was little talk on Monday as Britain grappled with the post-Games comedown about the future use of the sporting venues or the bill of more than $15 billion to stage the festival of sport.

Instead, it was just one final opportunity to celebrate the reawakening of a nation that had dominated the international stage for the past two months.